The determination of the Company’s Director’s remuneration is governed by the Remuneration Policy of the Director of UAB Lithuanian Exhibition and Congress Centre “LITEXPO”, approved by the decision of the Board on 9 October 2024 (No. VP-113).
The Director’s Remuneration Policy has been prepared in accordance with the Resolution of the Government of the Republic of Lithuania of 23 August 2002 No. 1341 “On the Remuneration of Managers of State-Owned Enterprises” and other relevant legal acts. The Policy defines the components of the Company Director’s remuneration, as well as the principles and procedures for determining them.
The remuneration of the Company’s Director consists of the following components:
Base salary (fixed component) – the salary established in the employment contract and paid monthly;
Annual bonus (variable component) – paid for the successful achievement of performance indicators and objectives set by the Board;
Bonus (additional incentive) – granted for exceptional contribution to the achievement of the Company’s objectives or for outstanding results.
The base salary (fixed component) is determined using coefficients, taking into account the category of the state-owned enterprise, in accordance with the Resolution of the Government of the Republic of Lithuania on the remuneration of managers of state-owned enterprises.
The base salary is calculated by multiplying the salary coefficient by the base amount of the official salary established by the Government of the Republic of Lithuania. The coefficient of the Director’s base salary at LITEXPO is determined by the Board.
The annual bonus (variable component) depends on the achievement of performance indicators set for the Director of the Company, which are related to the implementation of the Company’s objectives and/or the completion of tasks assigned to the Director related to the internal administration of the Company.
Performance indicators related to the Company’s objectives are determined in accordance with Chapters VII–VIII of the Description of the Procedure for the Exercise of the State’s Property and Non-Property Rights in State-Owned Enterprises. The specific performance indicators for the Director are set by the Board.
The amount of the variable component for the achievement of performance indicators is also determined by the Board.
The annual bonus (variable component) is paid once after the end of the financial year and after the approval of the financial statements, taking into account the achievement of performance indicators during the previous financial year.
The variable component may not exceed 30 percent of the base salary paid to the person holding the position of the Company’s Director during the previous financial year.
The annual objectives set for the Director for 2025 are presented in the table below.
For an exceptional contribution by the Company’s Director to the achievement of LITEXPO’s objectives or for outstanding results (including events of special importance or of significant impact on LITEXPO’s results approved in advance by the Board and/or other achievements), the Director of the Company may be granted a bonus by decision of the Board. The amount of the bonus may not exceed the equivalent of one monthly base salary.
EMPLOYEE REMUNERATION POLICY
LITEXPO has implemented a remuneration management system that is reviewed annually and updated when necessary. LITEXPO follows the principle of responsible remuneration and aims to ensure efficient management of the Company’s finances while supporting the achievement of the Company’s strategic objectives.
The remuneration package for the Company’s employees consists of financial and non-financial remuneration.
Financial remuneration is regulated by the Remuneration Policy approved by an order of the Company’s Director. Financial remuneration consists of:
Base salary;
Salary allowance (variable remuneration);
Individual incentive bonus;
Team incentive bonus;
Additional payments for work performed under non-standard working conditions.
The base salary is a fixed monthly component of remuneration specified in the employee’s employment contract.
The Company has established salary levels and ranges based on factors such as job complexity, assigned responsibilities, competencies, education, required level of knowledge, skills, market value and other relevant criteria.
Job positions are grouped into the following categories, which serve as the basis for differentiating monetary remuneration components and additional benefits:
HAY level
Category
Job Groups Assigned to the Category
19
A
Top-level Executive
15-18
B
Heads of Core Departments
13-14
C
Heads of Support Functions,
Lead and Senior Specialists, Specialists
8-12
D
Support Staff, Skilled and Unskilled Workers
The variable component of remuneration (VCR) depends on the amount and quality of work as well as performance results. It is paid:
to project team members upon completion of projects;
to members of the events department team for successful quarterly performance results and for individual events (exhibitions);
to members of the catering organization team for successful monthly and quarterly performance results;
to heads of core and support units, chief specialists, senior specialists and specialists for quarterly results based on previously established and agreed Key Performance Indicators (KPIs).
Project bonuses are paid to project team members when the agreed financial targets of a specific project are exceeded and individual targets are achieved (according to agreed individual KPIs).
Quarterly bonuses are paid to members of the events and catering organization teams when the quarterly budget targets are exceeded.
A one-time bonus may be granted for exceptional results, when an unplanned project not included in the budget is implemented and/or outstanding results are achieved, as well as for temporarily assigned additional tasks. The decision to grant a one-time bonus is made by the Company’s Director upon the recommendation of the employee’s direct manager.
Payment for work performed under non-standard working conditions (overtime, night work, work on rest days and public holidays) is made in accordance with the Labour Code of the Republic of Lithuania.
Non-Financial Remuneration
Non-financial remuneration is an indirect form of employee reward used by the Company to encourage employee effort, engagement and loyalty, as well as to enhance employee well-being and the overall work experience at the Company.
It includes various Company events, employee competitions, greetings on special occasions, the possibility to choose a flexible working schedule, remote work opportunities, work equipment, recognition and employee development initiatives.
*All documents are provided in Lithuanian. If you require information in English, please contact us by email at info@litexpo.lt
Below is the average monthly established (assigned) gross salary of LITEXPO employees for 2021–2025 (including base salary and allowances), before taxes.
REMUNERATION OF MEMBERS OF COLLEGIAL MANAGEMENT BODIES
Members of LITEXPO’s supervisory and management bodies are appointed for a four-year term. Civil contracts are concluded with them, which specify their responsibilities, duties, rights and functions.
In accordance with Resolution No. 743 of the Government of the Republic of Lithuania of 20 September 2023 “On the Amendment of Resolution No. 1341 of the Government of the Republic of Lithuania of 23 August 2002 ‘On the Remuneration of Managers of State-Owned Enterprises’”, and the provisions set out in subparagraphs 1.1–1.6 regarding the application of the procedure for determining the remuneration of managers of state-owned enterprises from 1 January 2024, as well as based on the decision of the Extraordinary General Meeting of Shareholders of the private limited liability company adopted on 22 December 2023, a fixed monthly remuneration is paid.
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